The confrontation in the oil market of sellers and buyers continues. Despite the past decline the US currency, oil quotes couldn’t take advantage of the situation and are traded now in a narrow range.
Increase oil production in the US continues to exert pressure on the black gold prices. According to Baker Hughes on last week amount of active oil rigs has once again grew up, and now it is 631 units. Together with it, the volume of crude oil production in the United States is also increasing. In addition, has a probability of new investments will be poured in this sphere, which Donald Trump promised, that will put even more pressure on oil quotes.
From OPEC till not hear specific news. There are talks about the prolongation of the agreement to reduce production by exporting countries, but the condition is inclusion to new players on the list. But without the United States, it will be difficult to achieve the desired results for market regulation.
In this regard, oil quotes are showing low volatility and waiting for new information. But in this week remain danger of grow up hydrocarbon reserves in US storages and correction by the dollar, that could render a continued decline to oil prices in the lower price range.